Non – operating result

Non – operating result

The non-operating result of the life segment improved from € -487 million at 31 December 2013 to € -381 million due to higher nonoperating net realized gains.

(in milioni di euro)

31.12.2014

31.12.2013

FOURTH QUARTER 2014

FOURTH QUARTER 2013

Life segment operating result

2,978

2,585

727

574

Net premiums

44,699

40,826

13,102

11,226

Net insurance benefits and claims

-53,893

-49,526

-14,925

-14,231

of which change in the provisions for unit and index-linked policies

-5,965

-4,790

-1,594

-2,182

Acquisition and administration costs

-4,668

-4,667

-1,339

-1,202

Acquisition and administration costs related to insurance business(*)

-4,668

-4,667

-1,339

-1,202

Other acquisition and administration costs

-1

-1

0

0

Net fee and commission income and net income from financial service activities

132

93

35

32

Net operating income from financial instruments at fair value through profit or loss

4,682

4,773

1,032

2,023

of which net income from financial assets and liabilities related to unit and index-linked policies

3,300

4,101

724

1,823

Net operating income from other financial instruments

11,912

11,138

2,789

2,717

Interest income and other income

10,631

10,243

2,722

2,538

Net operating realized gains on other financial instruments and land and buildings (investment properties)

2,443

2,086

460

467

Net operating impairment losses on other financial instruments and land and buildings (investment properties)

-310

-391

-126

-74

Interest expense on liabilities linked to operating activities

-278

-263

-84

-63

Other expenses from other financial instruments and land and buildings (investment properties)

-574

-537

-182

-151

Net other operating expenses(**)

114

-52

32

9

Life segment non-operating result

-381

-487

-73

-228

Net non-operating income from other financial instruments

-238

-272

-34

-137

Net non-operating realized gains on other financial instruments and land and buildings (investment properties)(***)

121

31

91

42

Net non-operating impairment losses on other financial instruments and land and buildings (investment properties)(***)

-359

-303

-125

-179

Net other non-operating expenses(****)

-143

-215

-39

-92

Life segment earnings before taxes

2,597

2,098

653

346

(*) Commissions related to investments contracts, which amounted to € -92 million (€ -107 million at 31 December 2013), are included in net fee and commission income and net income from financial service activities.(**) At 31 December 2014 the amount is net of operating taxes for € 64 million and of non-recurring taxes shared with the policyholders in Germany for € 27 million (at 31 December 2013 respectively for € 64 million and € 14 million).(***) The amount is net of the share attributable to the policyholders.(****) The amount is net of the share attributable to the policyholders in Germany and Austria.